聯發科技 2019年第一季法人說明會 MediaTek 2019-Q1 …...presentation are forward looking statements that are subject to risks and uncertainties that could cause actual

聯發科技2019年第一季法人說明會MediaTek 2019-Q1 Investor Conference

April 30, 2019

Copyright © MediaTek Inc. All rights reserved.

Copyright © MediaTek Inc. All rights reserved. 1

Safe Harbor Statement

Except for historical information contained herein, the matters set forth in this

presentation are forward looking statements that are subject to risks and uncertainties

that could cause actual results to differ materially, including the impact of competitive

products and pricing, timely design acceptance by our customers, timely introduction of

new technologies, ability to ramp new products into volume, industry wide shifts in

supply and demand for semiconductor products, industry overcapacity, availability of

manufacturing capacity, financial stability in end markets, and other risks.

This presentation also includes Non-Taiwan-International Financial Reporting Standards

(Non-TIFRS) financial measures which exclude share-based compensation, amortization

of acquisition related assets, tax effect and other items. The information should be

considered in addition to, not as a substitute for, Taiwan-International Financial Reporting

Standards (TIFRS). Earnings distribution is made accordance with financial statements

based on TIFRS.


Consolidated Revenue

(NT$ million)

49,654

60,892

52,722

0

20,000

40,000

60,000

80,000

1Q18 4Q18 1Q19

QoQ

-13.4%YoY

6.2%


Consolidated Gross Margin

38.4%38.9%

40.7%

35%

40%

45%

1Q18 4Q18 1Q19

QoQ

1.8ptYoY

2.3pt


Consolidated Operating Expenses

(NT$ million)

13,316 15,070 14,607

1,676

1,559 1,555 2,163

3,222 2,143

0

5,000

10,000

15,000

20,000

25,000

1Q18 4Q18 1Q19

Selling expenses

Administration expenses

R&D expenses

18,30419,851

17,155

QoQ

-7.8%YoY

6.7%


Consolidated Operating Income

(NT$ million)

1,929

3,851

3,169

0

1,000

2,000

3,000

4,000

5,000

1Q18 4Q18 1Q19

QoQ

-17.7%YoY

64.3%


Consolidated Operating Margin

3.9%

6.3%6.0%

0%

5%

10%

1Q18 4Q18 1Q19

QoQ

-0.3ptYoY

2.1pt

Consolidated Net Income


(NT$ million)

2,535

4,076

3,416

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

1Q18 4Q18 1Q19

QoQ

-16.2%YoY

34.8%


Consolidated Net Profit Margin

5.1%

6.7% 6.5%

0%

5%

10%

1Q18 4Q18 1Q19

QoQ

-0.2ptYoY

1.4pt

Consolidated Earnings Per Share


(NT$ )

1.61

2.63

2.17

0.00

0.50

1.00

1.50

2.00

2.50

3.00

1Q18 4Q18 1Q19

YoY

0.56

QoQ

-0.46


Taiwan-International Financial Reporting Standards (TIFRS)

Financial Statements


Consolidated Income Statement (Unaudited)(In NT$ millions, except earnings per share )

Note1: Sums may not equal totals due to rounding.Note2: Reclassification adjustments made due to latest IFRS interpretation that does not affect annual amount for the period 2018.

(In NT$ millions, except EPS) 1Q19 4Q18(Note2) 1Q18(Note2) Q-Q Y-Y

Net Sales 52,722 60,892 49,654 (13.4%) 6.2%

Operating costs (31,249) (37,190) (30,569)

Gross profit 21,473 23,702 19,085 (9.4%) 12.5%

Selling expenses (2,143) (3,222) (2,163)

Administration expenses (1,555) (1,559) (1,676)

R&D expenses (14,607) (15,070) (13,316)

Operating expenses (18,304) (19,851) (17,155)

Operating income 3,169 3,851 1,929 (17.7%) 64.3%

Net non-operating income 836 642 1,057

Net income before income tax 4,005 4,493 2,987

Income tax expense (589) (418) (452)

Net income 3,416 4,076 2,535 (16.2%) 34.8%

EPS attributable to the parent(NT$)

2.17 2.63 1.61


Supplemental Information: Percentage of Revenue

Note: Sums may not equal totals due to rounding.

1Q19 4Q18 1Q18

Gross profit 40.7% 38.9% 38.4%

Selling expenses (4.1%) (5.3%) (4.4%)

Administration expenses (2.9%) (2.6%) (3.4%)

R&D expenses (27.7%) (24.7%) (26.8%)

Operating income 6.0% 6.3% 3.9%

Non-operating income 1.6% 1.1% 2.1%

Income tax expense (1.1%) (0.7%) (0.9%)

Net income 6.5% 6.7% 5.1%


Balance Sheet Summary (Unaudited) (In NT$ millions)

Note: Sums may not equal totals due to rounding.

(In NT$ millions) 1Q19 4Q18 1Q18

Cash & financial assets-current 187,586 164,671 165,235

Accounts receivable 25,312 28,939 25,839

Inventories 30,122 30,980 33,320

Other current assets 10,485 11,448 15,896

Funds and investments 45,294 49,262 54,728

Intangible assets 72,929 73,789 75,286

Other non-current assets 47,005 43,748 43,475

Total assets 418,733 402,836 413,779

Short-term loans 58,555 51,057 62,700

Accounts payable 19,975 17,687 28,581

Other current liabilities 42,989 53,848 42,235

Total non-current liabilities 9,912 5,918 6,248

Total equity 287,303 274,326 274,015


Cash Flow Statement (Unaudited) (In NT$ millions)

Note : Sums may not equal totals due to rounding.

(In NT$ millions) 1Q19 4Q18 1Q18

Net cash provided by (used in) operating activities 1,691 8,703 (1,663)

Net cash provided by (used in) investing activities (1,608) (1,106) (896)

Net cash provided by (used in) financing activities 7,739 (12,830) (1,281)

Effect of changes in exchange rate on cash and cash equivalents 486 452 (881)

Net increase (decrease) in cash and cash equivalents 8,309 (4,781) (4,721)

Cash and cash equivalents at the end of the period 151,479 143,170 140,617


【Supplemental Information】Reconciliations of TIFRS Results to Non-TIFRS Results

Reconciliations of TIFRS Results to Non-TIFRS ResultsNote3


Note1: Sums may not equal totals due to rounding.Note2: Reclassification adjustments made due to latest IFRS interpretation that does not affect annual amount for the period 2018.Note3: Non-TIFRS financial information should be considered in addition to, not as a substitute for, TIFRS financial information. Reconciliations between TIFRS and Non-TIFRS results include share-based compensation, amortization of acquisition related assets, tax effect and other items. Earnings distribution is made in accordance with financial statements based on TIFRS.

(In NT$ millions) 1Q19 4Q18(Note2) 1Q18(Note2) Q-Q Y-Y

TIFRS operating income 3,169 3,851 1,929

TIFRS net income 3,416 4,076 2,535

TIFRS EPS(NT$) 2.17 2.63 1.61

Non-TIFRS reconciliation items 652 35 380

Share-based compensation 370 (343) 113

Amortization of acquisition related assets 421 421 325

Tax effect (140) (43) (58)

Non-TIFRS operating income 3,960 3,929 2,367 0.8% 67.3%

Non-TIFRS operating income margin (%) 7.5% 6.5% 4.8%

Non-TIFRS net income 4,068 4,111 2,915 (1.0%) 39.6%

Non-TIFRS net income margin (%) 7.7% 6.8% 5.9%

Non-TIFRS EPS(NT$) 2.59 2.66 1.85


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聯發科技 2019年第一季法人說明會 MediaTek 2019-Q1 …...presentation are forward looking statements that are subject to risks and uncertainties that could cause actual